A capital project fund incurred construction costs of $ 1,000,000. How would the construction costs be reported at year-end?

Multiple Choice

• As an expenditure of the capital projects fund and a capital asset in the government-wide Statement of Net Position.
• None of the choices are correct.
• As an other financing use in the capital projects fund and an expense in the government-wide Statement of Activities.
• As an expenditure of the capital projects fund and an expense in the government-wide Statement of Activities.